As a contractor, you have all kinds of tasks to care for in a day. Managing your cash flow must be at the top of your priority list in order for things to run smoothly. You want all of your employees and bills to be paid in a timely manner. You also have to make sure that supplies are ordered for jobs that are on the to-do list. Your customers need to pay for their home improvement projects on time also. It’s a never-ending cycle. Need to know how to maximize contractor cash flow? Here are some helpful tips to consider.
Make Use of Innovative Methods
Technology is useful in so many ways. As a contractor, making great use of innovative methods can help your business grow and succeed. Depending on the size of your business, you may be handling much of the financial paperwork yourself such as budgets, expenses, invoices, etc. There are software programs and even apps that can help you with this important but tedious task.
Find the system that works best for your business, and let the technology do the work for you. Automated invoices are extremely helpful. They give you the capability to generate invoices all at once and to send them in plenty of time before their due date hits. A computerized budgeting system is also very useful for tracking income and paying bills in an organized manner.
Another thing that you want to consider is that electronic payment capabilities are ideal. You want to provide customers with the best ways to get you your money. Cash and checks are not as customary as they used to be. Debit and credit cards are very common forms of payment in today’s world. Make sure that you are equipped to receive whatever form of payment the customers choose to use.
Strategize for Stretching Partial Payments
Some customers will choose to pay for their home renovation projects in installments. When this happens, be sure to strategize. You want to find the best way to divide the payments based on the work that has been completed. Do not have the clients pay too much or too little at once. When a predetermined amount of work is completed, have them pay you for just that portion. This will give you the funds to cover the labor and materials and still give you wiggle room for the invoice for the next phase of the work.
Promote In-House Financing with HFS Financial
The best way to keep plenty of income regularly flowing in is to partner with HFS Financial. The non stage funding that we can help your customers get is the best contractor financing for customers and for you. They will get their complete amount funded at the start. HFS Financial makes your customers cash buyers — thus keeping your cash flow ample and active.
Remind your customers that no home renovation is too small or too big to dream about. Need to know how to maximize contractor cash flow? Let the experienced team at HFS Financial connect your customers with the funding they need. In just 60 seconds, homeowners can inquire about ANY home improvement loan. Our team is available to chat also at 1-800-254-9560. We are ready to help dreams come true. Partner with us today to maximize your cash flow. “You Dream It, We Finance It.”